A federal appeals court Tuesday upheld a lifetime ban on "pharma bro" Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim.
His lawyer, Benjamin Brafman, in a statement to CNBC on the appeals court decision, said, "The lifetime ban is too severe."
In its eight-page ruling, the appeals court noted that Shkreli argued that Manhattan federal court Judge Denise Cote "abused" her discretion in imposing a lifetime ban on him from the drug business.
"The district court found, and Shkreli does not dispute, that Shkreli's illegal scheme was "egregious, deliberate, repetitive, long-running, and ultimately dangerous."
"Given his strategic decision in the district court, there is no injustice to Shkreli by us declining to address his new argument."
Persons:
Martin Shkreli, pharma bro, Shkreli, Benjamin Brafman, Brafman, Denise Cote, —, Peluso
Organizations:
Turing Pharmaceuticals AG, pharma, U.S, Circuit, New, Federal Trade Commission, CNBC, FTC, Vyera Pharmaceuticals, Phoenixus, Mr
Locations:
New York, California, Manhattan